The Boeing Company (NYSE:BA) trying to regain public trust after deadly crashes
Boeing (NYSE:BA) Co Chief Executive Dennis Muilenburg will face shareholders on Monday for the first time since two fatal crashes that led to the 737 MAX’s grounding worldwide and triggered investigations, lawsuits and a sharp loss in share value.
Battling the biggest crisis of his tenure, Muilenburg will try to bolster investor confidence in the manufacturer’s future as well as that of its fastest-selling airplane as questions linger over the model’s safety.
Family and friends of 24-year-old American Samya Stumo, one of the victims of the crash of an Ethiopian Airlines 737 MAX on March 10, will hold a silent protest outside the meeting site.
That crash, which killed all 157 on board when it plunged to the ground shortly after takeoff, came five months after a similar Lion Air nose-dive that killed all 189 passengers and crew.
Muilenburg will hold his first press conference since the grounding after the general annual shareholder meeting in Chicago, scheduled for 10.00 a.m. EDT (1400 GMT).
Boeing is under pressure to deliver a software fix and a new pilot training package that will convince global regulators, and the flying public, that the aircraft is safe to fly again.
The U.S. Federal Aviation Administration could clear Boeing the 737 MAX jet to fly in late May or the first part of June, two people familiar with the matter said on Friday, though Boeing has yet to submit the updated software and training for review.
Some pilots have warned that draft training proposals do not go far enough to address their concerns.
Meanwhile, deliveries of the 737 MAX, which airlines around the world had been relying on to service a growing air travel industry for years to come, are on hold.
Last week Boeing abandoned its 2019 financial outlook, halted share buybacks and said lowered production due to the 737 MAX grounding had cost it at least $1 billion so far.
Shareholders have filed a lawsuit accusing the company of defrauding them by concealing safety deficiencies in the plane. The model is also the target of investigations by U.S. transportation authorities and the Department of Justice.
Muilenburg is Boeing’s chairman and president in addition to CEO, and faces calls that could strip him of one of those titles at Monday’s meeting. Boeing has recommended against the move.
Boeing must also contend with lawsuits filed on behalf of dozens of victims of the two crashes, including the family of Stumo, who are asking whether the Ethiopian disaster could have been prevented after what happened to Lion Air.
“Those in charge of creating and selling this plane did not treat Samya as they would their own daughters,” her mother Nadia Milleron told reporters in early April.
Shares in the company, worth $214 billion, have lost nearly 10 percent of their value since the March 10 crash.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 385.07.
The projected upper bound is: 402.36.
The projected lower bound is: 358.03.
The projected closing price is: 380.19.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 59.1239. This is not an overbought or oversold reading. The last signal was a buy 1 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 50.02. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 23 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 96. This is not a topping or bottoming area. The last signal was a sell 13 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 7 period(s) ago.
Rex Takasugi – TD Profile
BOEING CO closed down -2.010 at 380.790. Volume was 38% below average (neutral) and Bollinger Bands were 50% narrower than normal.
Open High Low Close Volume___
384.000 384.000 378.205 380.790 787,285
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 378.27 393.16 362.84
Volatility: 25 36 38
Volume: 923,947 1,435,437 1,007,592
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
BOEING CO is currently 4.9% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BA.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BA.N and have had this outlook for the last 2 periods.
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